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Latest report projects downturn that will result in 5.4% statewide unemployment rate in early 2024.

Gov. Kate Brown and legislative leaders comment on the December quarterly economic and revenue forecast, which state economists from the Oregon Office of Economic Analysis presented to members of the House and Senate revenue committees on Wednesday, Nov. 16,

Please see main story on the forecast elsewhere on this web page.

Gov. Kate Brown, who issued a statement from Ho Chi Minh City (Saigon), Vietnam, where she is on a trade mission:

"Our latest revenue forecast shows that, thanks to the continued fiscally responsible decisions state government has made over the last several years, we remain well positioned with significant reserves to prepare for any economic challenges that may lie ahead.

"This is welcome news at a time when the forecast also anticipates a slight economic downturn. Because we have made prudent financial decisions, the state has the ability, if needed, to invest in resources to help Oregonians who may feel its impacts.

"With this forecast, the legislature should also be prepared, as they enter the upcoming session, to respond to economic challenges and take meaningful action to benefit Oregon's working families."

Senate Majority Leader Rob Wagner, D-Lake Oswego:

"With an eye to the future, Oregon Senate Democrats are prepared to hold the line for Oregon's working families. We will continue to focus on creating opportunity while driving down the cost of living for everyday folks. We will continue to build on our recent historic investments in health care, housing, jobs and education. Due to the fiscally responsible leadership of Oregon Democrats, our state's budget reserves are currently the strongest they've ever been in Oregon's history."

House Speaker Dan Rayfield, D-Corvallis:

"Oregon is well-positioned to maintain essential services and build an economy that works for all Oregonians. The state has historic cash reserves and is set up better than ever to handle any potential economic downturn thanks to years of responsible budget management by Democratic leadership. We are poised to take advantage of the upcoming 2023 legislative session, soften the impacts of any potential downturn, make our communities safer and focus investments on working families and communities of color."

House Majority Leader Julie Fahey, D-Eugene:

"Today's forecast shows that the fundamentals of the state's economy continue to be solid, thanks to the historic investments Oregon Democrats have made in working Oregonians and small businesses, as well as an influx of federal dollars from the Biden-Harris administration.

"We also know that should a global recession hit, Oregon is prepared to mitigate its impact because of the work Democrats have done to set aside historic levels of reserves. This work will allow us to continue supporting our most vulnerable communities.

"Now, we must continue to focus our efforts on the critical investments we know Oregonians need most to help drive down the cost of living, address the ongoing affordable housing crisis, provide mental and behavioral health supports, and make sure we have the economic infrastructure in place to retain and grow businesses in key industries for years to come."

Senate Republican Leader Tim Knopp of Bend:

"Hard-working Oregonians continue to pay the price of high inflation and take the brunt of the current recession. The upcoming legislative budget and policy decisions made around the economy must be focused on relieving their burden, not adding to it."

House Republican Leader Vikki Breese-Iverson of Prineville:

"Oregonians spoke in the recent election by breaking the supermajority in the Legislature. Republicans will respond in the upcoming legislative session by holding strong against growing government or taxes."

The Republicans started with this statement:

"No one feels confident or secure in the December economic and revenue forecast. While job numbers continue to rebound from the global pandemic, we know federal government stimulus is ending, and personal savings is diminishing. All while, here in Oregon, families are continuing to see their gas, grocery and tax bills go up. This is a time to be both cautious and prepared should the recession become severe."

Oregon Manufacturers and Commerce issued this statement:

"Even as manufacturers continue to face lingering challenges from the COVID-19 pandemic, particularly with respect to supply chains and labor shortages, the industry faces the looming threat of an economic recession. This threat is compounded by Oregon's heavy tax and regulatory burden, which continues to drive manufacturers to invest in more business friendly states.

"Today's forecast should serve as a clarion call to action for our state's elected leadership to protect Oregon jobs, to restore a collaborative relationship with the employer community and to support policies that will lead to sustained economic growth over the next decade."


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